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California  + Retail  | 

Union Bank Plaza in DTLA Trading for $280M

RC Acquisitions, an affiliate of Vancouver, Canada-based Pacific Reach Properties, is reportedly buying Union Bank Plaza in DTLA from Newport Beach, CA-based KBS Real Estate Investment Trust II for $280 million. The 40-story office tower at 445 S. Figueroa St. encompasses roughly 627,000 square feet of space, including a two-level retail center, a two-acre landscaped outdoor plaza and a four-level parking structure.

The building is 82% occupied, primarily by Union Bank, which leases 375,000 square feet. KBS REIT II had acquired the asset from Hines for $208 million.

The property represented roughly 13.2% of KBS REIT II’s assets, and accounted for 17.8% of the total revenue for the six months ending on June 30, 2017.

Last month, Pacific Reach Properties acquired Sherman Plaza, a 99%-leased asset in Van Nuys for $61.9 million. It was its first U.S. office complex purchase.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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